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HomeMy WebLinkAbout1918 i } _ . ~ , ~ t~ 8. Inspection. Letrder may make or cause to be made reasonable entries upon and inspections othee property, provided that Lender shall give Borrower notice prior to any such inspection spedijring :easanable cause thsrefar related to Lender's interest in the Property. 9. Condemnation. The peooseds of orgy award or claim for damages. direct ar consequential. in connection with any eoademoatioa ar older taking of the property. ar part thereof. or far ooaveyaaos in lien of condemnation, ere hereby assigned and shall bs paid to Lendec Ia the sv~t of a total taking of the Property, the proceeds shall be applied to We some secured by thin Martgagq, wild the e~scess, if any. paid to Borrower. Ia the event of a partial taking of the Properrty, unlea Borrower and Lender otherwise agree in writing, there shall be applied to the anau secured by this Mortgage each proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to thedate of talring, with the balanoa of the proceeds paid to 8osrower. If the Property is abandoned by Borrower. ar ify after notice by Lender to Borrower that the condemnor offers to make as award or settle a claim foe damages, Borrower fail to respond to lender within 30 days after the date such notice is mailed, I.euder is authorized to collect and apply the proceeds, at Lender's option, eithar to restoration ar repair of the property ar to the same secured by this Mo:tgaga Unless Lendar and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ar postpone the dos date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ouch irutalhneata. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the sums secwred by this Mortgage granted by Lender to any suooEaso: in interest of Borrower shall sot operate to release, in any manner, the liability of the original Borrower i' and Borrower's suocesson in interest. Lender shall not be required to commence proceedings against such successor or refuse to estend time for payment or otherwise modify amortization of We sums secured by this Mortgage by reason of any demand made by the original Borrows= and Borrowers successor in interest. ' Ii. Forbearance by Lender Nut a 1Yaiger. Any forler?ranoe by Lendar in ezenadng agy:;ght os remedy hereumder. aroWerwise afforded by applicable law, shall net be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance ar the payment of tazea ar other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. Ap remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Modcage or afforded by law or equity, and may be ezercise~l concurrently, independently or suetxesively. 13. Successors and Assignor Bound; Joint and Several Liability; Captions. The cvvenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective snoceeson and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All oovenanta and agreements of Borrower shall be joint and several. The captions and hcedings of the paragraphs of this Mortgage are for oovenience only and are not to be used to interpret ar define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgageahall begivea by mailing such aoticeby certified mail addressed to Borroweratthe PropedyAddreseoratauuch otheraddress as Borrower may designate by notice to Lender as provided herein, and (b) any notice to bender shall be given by certified mail. return receipt requested, to Lender's address stated herein or to arch other address as Lender may designate by notice to Borrower as provided herein.Any notice provided for is this Mortgage shall be deemed to have been given to Borrower or bender when given in the manner designated herein. lb. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to wnatitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a ooaformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereoL 17. Transfer of the Property; Assumption. If all or any pad of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ~ purchase money security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or leas not containing an option to purchase, Lender may, at Ltmders option, declare all the snma secured by this Mortgage to be immediately due sad payable. Lender shall have waived each option to accelerate if, prime to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgageand the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is wailed within which Borrower may pay the soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without fw~ther notice or demand on Harrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement elf Borrower is this lt{ortgage, including the eoveaanta to pay when due any soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apedfying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reanlt in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to aa~leration and foreclosure. If the breach is not cared on or before the date speed in the notice, Lender st Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without turtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLenders aeoeleratioa ofthe sums secured by this Mortgage, Borrower shall have the right to have say proceedings begun by Lender to enforce this Mortgage dieoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Ifitnre Advances, if any. had ao acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrowereontained in this Mortgage; (c) Borrower pays all reasonable expenBes incurred by Lender is enforcing the covenants and agreements of Borrower contained in this Mortgage and is enforcing Lender's remedies ae provided is paragraph 18 hereof, including, but not limited to. reasonable attorney's fees; and (d) Borrower takes ouch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall coatinne unimpaired. Upon each payment and caure by Borrower, this Mortgage and the obligations secured hereby shall remain in tall force sad effect as if no acceleration had oocarred. Z0. Assignment otllents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender thermts of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property.have the right to tolled and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahaU be entitled to have a receiver appointed by a court to enterepon. take possession of and manage We Property and to collect the rents of the Property, including those past due. All rents collected by We receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiama on receiver's bonds sad reasonable atbraey's foes, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents adaally received. ~~~x316 Pa~F1918